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本文将商业信用视为承诺机制,探讨了资本化研究开发支出与商业信用供给之间的关系。研究结果表明,资本化研究开发支出越高,越需要商业信用供给作为一种媒介来起到承诺作用,抑制上游企业的机会主义行为。同时研究发现,资本化研究开发支出与商业信用的正相关关系在非国有企业中不显著而在国有企业中显著。文章进一步地分析产品市场竞争在上述关系中的调节作用,发现在国有企业中随着产品市场竞争激烈程度的增加,资本化研究开发支出与商业信用之间的关系得以强化。最后文章分析国有企业的资金需求是否会对产品市场竞争的调节作用产生影响,回归结果表明资金需求大的时候,调节作用显著,而资金需求较小时,未观察到显著影响。
This paper regards commercial credit as a commitment mechanism and explores the relationship between capitalized research and development expenditure and commercial credit supply. The results show that the higher the research and development expenditure of capitalization, the more need of commercial credit supply as a medium to play a promised role and inhibit the opportunistic behavior of upstream enterprises. At the same time, it was found that the positive correlation between capitalized research and development expenditure and commercial credit was not significant in non-state-owned enterprises and significant in state-owned enterprises. The article further analyzes the regulatory role of product market competition in the above relations and finds that the relationship between capitalized R & D expenditures and commercial credit is strengthened as state-owned enterprises become more competitive in product markets. Finally, the paper analyzes whether the demand for funds of state-owned enterprises will have an impact on the regulatory role of product market competition. The regression results show that the adjustment effect is significant when the demand for funds is large, and no significant impact is observed when the demand for funds is small.